MIRA
INFORM REPORT
|
Report Date : |
02.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
S R R JEWELS PRIVATE LIMITED |
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Registered Office : |
Unit No. 4, Ground Floor, SDF – 7, Seepz, Andheri (East), Mumbai –
400096, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.04.2003 |
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Com. Reg. No.: |
11-140099 |
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CIN No.: [Company
Identification No.] |
U36911MH2003PTC140099 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS41147B |
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PAN No.: [Permanent
Account No.] |
AAHCS2263B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Jewellery |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 460000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office/Factory : |
Unit No. 4, Ground Floor, SDF – 7, Seepz, Andheri (East), Mumbai –
400096, |
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Tel. No.: |
91-22-28293131 |
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Fax No.: |
91-22-28293136 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Rajan Kishoremal Khimavat |
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Designation : |
Director |
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Address : |
1301 – B / 1401 – B, |
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Date of Birth/Age : |
20.06.1975 |
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Date of Appointment : |
22.04.2003 |
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Name : |
Mr. Bharat Kantilal Jain |
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Designation : |
Director |
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Address : |
3, Kamal Kunj, Santosh Nagar, |
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Date of Birth/Age : |
09.11.1975 |
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Date of Appointment : |
22.04.2003 |
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Name : |
Mr. Kishoremal Valchand Khimavat |
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Designation : |
Director |
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Address : |
1301 – B / 1401 – B, |
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Date of Birth/Age : |
06.12.1952 |
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Date of Appointment : |
22.04.2003 |
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Name : |
Mr. Basantidevi Khimavat |
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Designation : |
Director |
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Address : |
1301 – B / 1401 – B, |
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Date of Birth/Age : |
15.02.1956 |
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Date of Appointment : |
22.04.2003 |
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Name : |
Mrs. Nisha Rajan Khimavat |
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Designation : |
Director |
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Address : |
1301 – B / 1401 – B, |
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Date of Birth/Age : |
20.09.1977 |
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Date of Appointment : |
22.04.2003 |
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Name : |
Mr. Rahul Kishorremal Khimavat |
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Designation : |
Director |
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Address : |
1301 – B / 1401 – B, |
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Date of Birth/Age : |
11.12.1978 |
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Date of Appointment : |
22.04.2003 |
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Name : |
Mrs. Ekta Rahul Khimavat |
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Designation : |
Director |
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Address : |
1301 – B / 1401 – B, |
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Date of Birth/Age : |
22.04.1981 |
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Date of Appointment : |
22.04.2003 |
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Name : |
Mr. Arun Hanumandas Lakhani |
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Designation : |
Director |
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Address : |
1301 – B / 1401 – B, |
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Date of Birth/Age : |
04.08.1961 |
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Date of Appointment : |
27.11.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Basantidevi Khimavat |
|
100000 |
|
Mr. Kishoremal Valchand Khimavat |
|
1650000 |
|
Mr. Bharat Kantilal Jain |
|
250000 |
|
Mr. Rajan Kishoremal Khimavat |
|
100000 |
|
Mrs. Nisha Rajan Khimavat |
|
150000 |
|
Mr. Rahul Kishorremal Khimavat |
|
100000 |
|
Mrs. Ekta Rahul Khimavat |
|
150000 |
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Category |
|
Percentage of
Holding |
|
Directors or Relatives of Directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Jewellery |
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Products : |
v
Bracelet v
Earring v
Necklace v
Pendant v
Ring |
GENERAL INFORMATION
|
Bankers : |
v
Punjab
National Bank Offshore Banking Unit,
Seepz Andheri (East),Mumbai – 400096 v
State
Bank of 1 / 002, Seepz,
Andheri (East), Mumbai – 400096 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Uttam Bhandari Chartered Accountants |
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Address : |
293 / 26, 2nd Floor, Spariwala House, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
25.000 |
25.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
90.573 |
38.048 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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|
NETWORTH |
|
115.573 |
63.048 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
145.919 |
104.065 |
|
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2] Unsecured Loans |
|
96.645 |
126.581 |
|
|
TOTAL BORROWING |
|
242.564 |
230.646 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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|
|
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|
|
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TOTAL |
|
358.137 |
293.694 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
56.849 |
56.489 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
104.569 |
189.672 |
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Sundry Debtors |
|
222.317 |
211.174 |
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Cash & Bank Balances |
|
9.141 |
3.995 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
16.979 |
4.993 |
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Total
Current Assets |
|
353.006 |
409.834 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
|
51.623 |
172.781 |
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|
Provisions |
|
0.189 |
0.038 |
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Total
Current Liabilities |
|
51.812 |
172.819 |
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Net Current Assets |
|
301.194 |
237.015 |
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MISCELLANEOUS EXPENSES |
|
0.094 |
0.190 |
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TOTAL |
|
358.137 |
293.694 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover including Other Income |
|
440.298 |
322.736 |
|
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Total Income |
|
440.298 |
322.736 |
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|
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|
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|
Profit/(Loss) Before Tax |
|
52.567 |
34.370 |
|
|
Provision for Taxation |
|
-- |
-- |
|
|
Profit/(Loss) After Tax |
|
52.567 |
34.370 |
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|
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Earnings in Foreign Currency : |
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|
|
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Total Earnings |
|
439.507 |
321.253 |
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Expenditures : |
|
|
|
|
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Interest |
|
17.521 |
14.474 |
|
|
Depreciation & Amortization |
|
3.180 |
2.596 |
|
|
Other Expenditure |
|
367.030 |
271.296 |
|
Total Expenditure |
|
387.731 |
288.366 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
11.94 |
10.65 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
11.94 |
10.65 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
12.83 |
7.37 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.45 |
0.55 |
|
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|
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.44 |
2.74 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.17 |
1.72 |
LOCAL AGENCY FURTHER INFORMATION
Form 8
|
Name of the company |
S R R JEWELS PRIVATE
LIMITED |
|
Presented
By |
Punjab National
Bank, Offshore Banking Unit, Mumbai |
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1) Date and description of instrument creating the change |
16.011.2005 Joint Deed of
Hypothecation |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.100.000
millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Punjab National Bank
(PNB), Offshore Banking unit, Seepz Andheri (East), Mumbai and State Bank of 1) by the whole
of the current assets of the borrower namely stocks of raw materials, stock
in process, finished goods, stores and spares not relating to plant and
machinery, bills receivable and book debts, immovable and movable plant and
machinery, stores and spares relating to machinery and all other fixed assets
both present and future whether lying loose or in cases or which are now
lying or stores in or about or shall herein after from time to time during
the continuance of the securities of these present the brought into or upon
or be stored or be in or about of the borrower’s factories premises and
godowns situate at Unit No. 4, SDF 7, Seepz, Andheri (east), Mumbai, in the
State of Maharashtra or where else the same may be or held by any party to
the order or disposition of the borrower or in the course of transit or on
high seas or on order or delivery howsoever and whereover in the possession
of its business and other by way of substitute or addition. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
1. The aforesaid
hypothecation assets shall be security by way of first charge in favour of
the said bank jointly and to each of them severally for due repayment and
discharge on demand of the said facilities together with interest, cost,
charges, expenses and other money payable in respect of the said facilities. 2. The company
shall not except with the previous written consent of the banks, sell or
dispose of in any manner the hypothecation assets or any part thereof. They
are its absolute property and such assets are free from any prior charges or
encumbrance. The company shall not create any mortgage, hypothecation,
pledge, charge, lien or encumbrance affecting the hypothecation goods or any
part thereof. 30 The other
terms and conditions are stipulated in the joint deed of hypothecation |
|
5) Name and Address and description of the person entitled to the charge. |
Punjab National
Bank Offshore Banking Unit,
Seepz Andheri (East),Mumbai – 400096 State Bank of 1 / 002, Seepz,
Andheri (East), Mumbai – 400096 |
|
6) Date and brief description of instrument modifying the charge |
First
Supplemental joint deed of hypothecation
- 16.01.2006 |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
1. The original charged
– 16.11.2005 by executing joint deed of hypothecation for Rs.100.000 millions
was registered on 15.12.2005 vide sr. no. 28 2. By the present
1st modification – 16.01.2006, PNB and SBP, collectively refereed
to as the said Bank or Punjab National Bank Consortium. PNB have facilities
from Rs.100.000 millions to Rs.110.800 millions as per statement attached to
the company against the aforesaid hypothecation in favour of the said bank
jointly and to each of them severally by way of first charge on pari passu
basis as security for the due repayment and discharged by the company to the
said banks of the said facilities together with interest, costs, charge,
expenses payable by the company to the said banks. 3. The borrower
hereby declare, covenants and agree with the said Banks jointly and with each
of them severally that all the terms and conditions, covenants and the
obligations of the borrower under the principal consortium agreement, the
first supplemental working capital consortium agreement shall be continuing and
binding and further the same shall be read and constructed together with this
agreement in all respect save and except as modified and enlarged by these
present |
|
Corporate identity
number (CIN) Foreign company registration number |
U36911MH2003PTC140099 |
|
Name of the
Company |
S R R JEWELES
PRIVATE LIMITED |
|
Address |
Unit 4, SDF 7,
MIDC, Seepz – Sez, Andheri (East), Mumbai – 400096, |
|
This form is for |
Creation of
Charges |
|
Type of Charge |
Movable property |
|
Particulars of
the charge holder |
Punjab National
Bank Offshore Banking
Unit, Seepz, Andheri (East), Mumbai – 400096, E-Mail : ahuja@pnoffshore.com |
|
Amount secured by
the charge |
Rs.6.000 millions |
|
Brief of the
principal terms and conditions |
Rate of Interest:
Interest at the
rate of 6 months LIBOR + 2.25% p.a. or at such other rate as may be fixed by from
time to time by the bank Terms of Payments Mentioned in the
agreement Margin: Margin @10% of
the hypothecated value Extent and
operation of the charge PNB have
sanctioned packing credit limit of USD 136000 (Eq to Rs.6.000 millions) to the
company against hypothecation of raw materials, stocks in process, finished
goods comprising gold, platinum, plain and studded jewellery, precious and
semi precious stones, rough and cut and polished diamond packing materials,
consumable etc lying at factory at gala no. 4 and B10, SDF 7, Seepz, Andheri
(East), Mumbai as per schedule of security and margin |
|
Date of
Instrument creating or modifying the charge |
01.06.2007 |
As Per Web
Details:
Company Profile:
Subject: takes a fresh approach to
a jewellery orb and a bohemian way to propose it. The zeal for jewellery produce and the desire
to excel in producing quality jewels for their customers has led them to go
beyond the horizons and explore the customer’s needs. Subject consists of
experienced craftsmen from generations to generations to put in effort via
state of the art technology and to cater the needs of the most astute buyers
from all over the globe.
Their business revolves around just four corner stones viz. Trust,
Quality, Service and the Real value for the money of a customer. These four corner stones are guiding
principles for their most important asset also their people! It is the fifth pillar of their foundation
that undertakes meticulously all their efforts, blending contemporary
technology with ancient Indian designs and traditional patterns.
There is certainly no absolute standard of beauty for jewellery. That
precisely is what makes its pursuit so interesting. Thus, those who look for beauty, they find
it.
DESIGNS :
An amalgamation of skills and talents of the designers has led to a
production range, to meet the demands from youthful jewellery, for all day wear
to redefined jewellery sets in the evening, and from an avant garde object in
hard stones to the unfailing elegance of the brilliants. The designs and collections are distinguished
by their profound originality and even the most apparently conventional pieces
are given an unusal appearance, imbued with a dreamlike character.
QUALITY :
Subject is the marquee of quality, of trust and recognition, but above
all of pride in, and passion for, its production. Every diamond and jewellery piece is checked
and verified by connoisseurs. Subject takes this honour and pride in supplying
the best quality diamonds and jewels, which is their prime concern.
They hereby look forward that the quality will fulfill your quest for
excellence in fine jewellery.
SERVICE :
Come, sail with them and as the wake follows S.R.R. JEWELS PRIVATE
LIMITED experience the true beauty of the light, which sparkles inside a
diamond. S.R.R. JEWELS PRIVATE LIMITED.
believes in beauty, beyond technical grading to discover diamonds that have
exceptional fire, life and brilliance.
In dealing with them, you shall be rewarded not only with the service
and excellent quality you expect, but with an almost ancient transparency in
transacting, a spontaneous respect for your reveries, and an assured expertise
that stems from their experience that make them an outstanding choice for your
jewellery purchase.
Now that they are online, they can plea to your refined taste and your
need for economy. Often the sacred
possession of royalty, these diamonds have romantic and adventurous histories. So come and purchase the most prestigious diamonds
of desire that have touched human passions throughout the centuries.
They look forward on you for an eternal long-term business relationship,
which can only be built on the support of their FIVE pillars and hope you post
your queries about their products so that they can look into the issue of their
customer’s satisfaction.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.73 |
|
|
1 |
Rs.81.37 |
|
Euro |
1 |
Rs.56.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|